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Hedgefonds und die Finanzkrise: Anatomie eines Hedgefonds-Zusammenbruchs

Hedgefonds und die Finanzkrise: Anatomie eines Hedgefonds-Zusammenbruchs

          
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About the Book

Der Monat August des Jahres 2007 war eine turbulente Zeit für die globalen Finanzmärkte. Diverse Ereignisse der ersten Hälfte des Jahres, allen voran die Subprime-Krise, bildeten die Grundlage für noch gravierendere Ereignisse im Finanzsektor. Beginnend am Montag, den 6. August 2007 erlitten einige der erfolgreichsten Equity-Hedgefonds der Geschichte beispiellose Rekordverluste, welche sich bis zum Donnerstag, den 9. August 2007 fortsetzten. Neben der enormen Höhe dieser Verluste (bis zu 30 % in nur einer Handelswoche) waren ebenfalls die beiden Tatsachen beachtenswert, dass diese Hedgefonds zum einen nicht in Subprime-Produkte investierten und zum anderen als immun gegen die meisten Marktturbulenzen galten. Weitaus außergewöhnlicher war jedoch der Sachverhalt, dass der mit Abstand größte Teil der betroffenen Hedgefonds auf Basis einer rein quantitativen Long/Short-Equity-Market-Neutral-Strategie konstruiert wurde. Am 10. August 2007 hatte sich der Finanzmarkt beinahe vollständig erholt; für die meisten Hedgefonds kam diese 'Erholung' jedoch angesichts der vorangegangenen enormen Verluste zu spät. Das Ziel des vorliegenden Buches ist es, die Ereignisse der zweiten Augustwoche des Jahres 2007 genauer zu beleuchten und die grundlegende Frage zu klären, ob ein fundmentales bzw. langfristiges Versagen der zugrundeliegenden Hedgefonds-Strategien oder ein exogener Risikofaktor zu den desaströsen Verlusten führte. Zu diesem Zweck wird zunächst die Performance der Hedgefonds simuliert, wodurch die hohen Verluste sowie die erwähnte 'Erholung' in der zweiten Augustwoche aufgezeigt werden. Im Anschluss an diese Simulation wird eine Hypothese basierend auf den Ergebnissen vorgestellt und empirische Evidenzen gesucht bzw. geprüft, die sie als einen sinnvollen Erklärungsansatz identifizieren. Einen zentralen Aspekt stellt dabei Liquidität, welche im Rahmen dieses Buches durch den Einsatz diverser Methoden für die verschiedenen Hedgefonds-Strategien gemessen wird, dar. Im Anschlus
About the Author: Dipl. Oec. Sven Paulsen, CIIA, CEFA, Jahrgang 1982, schloss sein Studium der Wirtschaftswissenschaften an der Mercator School of Management (Universität Duisburg-Essen) u.a. mit dem Schwerpunkt Monetäre Ökonomie und Internationale Finanzmärkte im Jahre 2010 mit Prädikatsexamen ab und erlangte somit den akademischen Grad eines Diplom-Ökonomen. Um seine Expertise abzurunden, absolvierte er zudem postgraduell den international anerkannten Certified International Investment Analyst (CIIA) sowie den Certified European Financial Analyst (CEFA) in Frankfurt/Main. Bereits während des Studiums sammelte der Autor umfassende praktische Erfahrungen im In- und Ausland in der Finanzbranche. Diese Erfahrungen sowie die Faszination für die globalen Kapitalmärkte wurden im Anschluss an das Studium während seiner Tätigkeit als Kapitalmarktanalyst (Schwerpunkt Aktienanalyse) sowie bei seiner derzeitigen Tätigkeit im (Hedge)Fonds- bzw. Portfoliomanagement permanent gesteigert. Insbesondere die gesammelten Erfahrungen im Zuge der Ereignisse der jüngsten Finanzkrise motivierten ihn, ökonomische Zusammenhänge in turbulenten Börsenzeiten zu untersuchen und sich der Thematik des vorliegenden Buches zu widmen.


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Product Details
  • ISBN-13: 9783842886339
  • Publisher: Diplomica Verlag Gmbh
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 8 mm
  • Weight: 177 gr
  • ISBN-10: 3842886330
  • Publisher Date: 07 Sep 2012
  • Height: 210 mm
  • No of Pages: 138
  • Series Title: German
  • Sub Title: Anatomie eines Hedgefonds-Zusammenbruchs
  • Width: 148 mm

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